Despite the push for ranges outside of the £1 moniker, purchases above that currently account for just four per cent of sales.

Poundland said over 90 per cent of its range would remain at £1.

The chain also says that it was “commited to the pound” and will endeavor to fight inflation as well as “shrinkflation”, in which products shrink in size while staying the same price.

It will do this partly by replacing third-party brands with own-brand alternatives, which it has already done with After Eights.

“We have got a lot of opportunity to take cost out of our business and doing so allows us to invest in our product offer and not make shortcuts for customers in either size or quality.” He said shrinkflation would be “very much the exception rather than the rule,” Bond said.

This comes the same week as 60 99p Stores, which Poundland took over in 2015, enters administration.

The majority of these will be converted into Poundland, keeping job losses at 99p Stores to a minimum.